Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, remained largely unchanged on Thursday, as widespread gains fueled by optimism over trade discussions with the United States countered profit-taking in the information technology sector following a recent upswing.
As of 12:45 IST, the Nifty 50 dipped by 0.12% to 25,001 . 30, while the Sensex fell 0.12% to 81,518.77.
In the early trading session, both indices fluctuated between gains and losses of 0.2%.
Over the last six sessions, the Nifty 50 has risen by 1.6%, supported by several factors such as cuts to India’s consumption tax, anticipation of a Federal Reserve interest rate decrease, and improving sentiment regarding India-U.S. trade talks.
Nagaraj Shetti from HDFC Securities mentioned that the next support levels for Nifty 50 to keep an eye on are approximately 24,850. Shetti recommends two stocks to buy in the near-term.
Market Views – Nagaraj Shetti, Senior Technical Research Analyst of HDFC Securities
Nifty 50
Nifty 50 continued to show choppy movement after the seven consecutive sessions of upmove and is now consolidating near the crucial resistance zone of around 25,000 levels (down sloping trend line and previous weekly highs). The overall chart pattern is positive and the market is preparing base for a decisive upside breakout of the hurdle in the near term. Hence, any weakness from here is expected to be a buy on dips opportunity. The next lower supports to be watched around 24,850.
Technical Picks: Stocks to buy in the short-term
Nagaraj Shetti of HDFC Securities recommends these two stocks to buy in the short-term – Ltd, and Ltd.
Buy Tata Technologies at ₹700, Target at ₹750, Stoploss of ₹670, Timeframe 1-2 weeks.
After showing a range bound action in the last few weeks, the stock price has showed upside breakout recently. Currently, placed at the upside breakout of down sloping trend line resistance around ₹710 levels. Daily RSI and volume pattern is indicating positive bias.
Buy Petronet LNG at ₹279.50, Target at ₹295, Stoploss at ₹270, Timeframe 1-2 weeks.
The stock price has been in a larger consolidation pattern around the important support of ₹268 levels. We observe an attempt of upside breakout of symmetrical triangle type pattern at ₹278 levels on Thursday. Daily RSI shows positive indication for the stock price.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.